Harman's Quarterly Profit Falls; to Cut 1000 Jobs

Audio systems maker Harman International Industries Inc's quarterly profit fell 20 percent as sales to carmakers in Europe fell, and the company said it would cut up to 1,000 jobs, or 9 percent of its workforce.

Net income fell to $47 million, or 68 cents per share, in the second quarter from $59 million, or 82 cents per share, a year earlier. Excluding items, earnings were 59 cents per share. Revenue fell 6 percent to $1.06 billion.

Harman said it would cut about 500 jobs in high-cost countries as part of a restructuring.